S&P 500 upswing was rejected at 6,035, and sellers weren‘t stopped at my first 6,010 support (corresponding to yesterday featured uppermost support line on the intraday chart). We got a Bitcoin dive that was neatly reversed, and Nasdaq leading breakdown below the second support line presented, while S&P 500 more or less remained relatively stronger. Then, a final relieve rally coupled with premarket weakness.
Where does it leave us as regards today‘s CPI? Bonds are telling a story as much as the other charts presented such as Bitcoin, and I complete my take in the S&P 500 analytical section.
Let‘s move right into the charts (all courtesy of www.stockcharts.com).
Gold, Silver and Miners
This isn‘t yet the ultimate bottom – whether we get a reprieve today or not, depends on what the figure (hot or cold) does with rate cut expectations. The caption is clear otherwise.
Crude Oil
No bullish development to speak of in commodities – still true, and oil isn‘t going to turn into an upswing mode – that‘s the job for cryptos, Bitcoin, MSTR, COIN and RIOT.
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